The concussion occurred in the third quarter when he was unintentionally kicked in the back of the head, while making a reception, by Giants' safety Omar Stoutmire.
Chrebet came back into the game later after he had been medically cleared to play by Dr. Elliott Pellman, the team's doctor.
"Wayne will be out [this weekend against Oakland]," said Herman Edwards on Wednesday. "Dr. Pellman had the evaluation of Wayne today, and felt at this point he is week-to-week. He had a concussion Sunday, and so now they are very cautious with Wayne."
Chrebet also has been suffering from migraines since the Jets 30-3, victory of the Buffalo Bills on October 12th. In that game, he suffered a head injury on a big hit by Bills' defensive end Aaron Schobel.
It is not certain if Chrebet will play again this season.
"Yeah I think [Wayne will play again this year], but I am not sure," said Pellman. "I need some help on this one, and that is why I'm reaching out to the experts."
Pellman set up an appointment for Chrebet with a neurologist for later in the week.
Although it has not been made official, this might be the second concussion of the year for the receiver from Hofstra.
When asked by a reporter if this was the second concussion of the year Chrebet answered, "I believe so. They [the team] said that though, right?"
He also said that under normal situations he would try to get back onto the field, but given the seriousness of a concussion, taking time off to get healthy is now the smart thing to do.
"I see guys all over the league, they play hurt week and week out," said Chrebet. "You see them with casts on and whatever out there, but this is one thing you don't want to mess with, your head.
"I'm not going to fight [the decision to hold me out of play]; you usually try to fight and lie to get back on the field, but [having a concussion] is different. [Getting healthy] is the smart thing to do.
"It hasn't gotten worse, which is good, but it hasn't gotten much better, so I think the smart thing to do at this point is to take some time off."
Chrebet is the Jets' second leading receiver this season with 27 receptions for 289 yards, and a touchdown.
After his teams heartbreaking loss to the cross-town giants 31-28 Chad Pennington took the opportunity to defend the decision to attempt the game winning field goal in overtime.
"The whole game bothers me," said Pennington. "Everybody wants to put it on one play; I know for myself in a football game there is always more than one play that affects the outcome. I know for myself the fourth and three, to me that is not the critical play, the critical play is a couple downs before that, when you get a first down, if we did that we would not have to worry about a field goal."
The field goal was blocked and the Jets are now 2-6, with eight games remaining.
The playoffs at this point seem to be an afterthought given the fact that Gang Green would in all likelihood have to run the table, and win all of the remaining games on their schedule.
However, Pennington does not think the Jets are done just yet. The quarterback has no plans of just simply playing out the schedule.
"Our theme is we still have a shot," said Pennington. "Opportunity abounds here for us. We are lucky we still have eight chances left, and that we can do something with it. Our first chance starts this Sunday, we have to simplify, lets try to win one game. That is how it starts you win one and then you can win your second."
LB Mo Lewis is probable with a Hip/Back. Michael Bates is probable with his hand. The KR job will most likely be split between Jonathan Carter, and Lamont Jordan. Bates will still play on cover teams.